Bulls Watch Bennedict Mathurin Sign Cheap Deal with the Pelicans – Right Move?

The Chicago Bulls were said to be involved in Bennedict Mathurin's restricted free agency, but the guard has ended up elsewhere.

Apr 5, 2026; Sacramento, California, USA; LA Clippers guard Bennedict Mathurin (9) before the game against the Sacramento Kings at Golden 1 Center. Mandatory Credit: Darren Yamashita-Imagn Images | IMAGN IMAGES via Reuters Connect

The Chicago Bulls and Bennedict Mathurin rumors have officially come to an end.

Earlier this offseason, the organization was tied to the restricted free agent to varying degrees. On paper, the ties made sense. Mathurin would offer Chicago a potential building block in the backcourt alongside Josh Giddey. While he has some legitimate NBA Finals experience under his belt, he's also only 24 years old and thus perfectly capable of fitting into a rebuilding atmosphere.

At the same time, the Bulls were mentioned as a Mathurin landing spot only after they used up the entirety of their cap space. All they have left is the $9.4 million room exception. If the team was genuinely locked in on Mathurin, why wouldn't they have thrown him a lofty offer sheet early on?

It became increasingly clear that the Bulls were only going to pursue Mathurin on their terms, which evidently didn't lead to an agreement. Instead, it is reportedly the New Orleans Pelicans who made things work with Mathurin's camp, as ESPN's Shams Charania announced the signing on Wednesday.

The deal is reportedly a two-year contract worth $16.0 million, and the second season will come with a player option. Mathurin represents one of the Pelicans' only free-agent moves this offseason, joining a squad that has another young backcourt piece in Jeremiah Fears.

Again, as the time went on, it never truly felt like the Bulls would go all-in on Mathurin. But it is hard not to wonder if the payday he ended up with would have been palatable for Chicago. At the end of the day, it's far below what many once thought he would walk away with this summer.

Should Bulls Have Made It Work with Bennedict Mathurin?

Apr 5, 2026; Sacramento, California, USA; LA Clippers guard Bennedict Mathurin (9) during the fourth quarter against the Sacramento Kings at Golden 1 Center. Mandatory Credit: Darren Yamashita-Imagn Images | IMAGN IMAGES via Reuters Connect

It's technically unclear whether the Chicago Bulls were willing to match this offer for Bennedict Mathurin. It's possible that they were, and the guard simply chose to pair up with the New Orleans Pelicans instead.

With that said, K.C. Johnson of Chicago Sports Network sure didn't make it sound like that was the case following the news. While he reiterated that the Bulls held talks about Mathurin's availability, he insisted it was under their conditions and that Bryson Graham was always prioritizing long-term flexibility.

As previously discussed on By The Horns podcast, Bulls had talks at various points of this situation—but on their terms. And if Bryson Graham’s first offseason showed anything, it’s that he’s valuing optimal flexibility in initial stages of buildout https://t.co/Kyno8luVHr

— K.C. Johnson (@KCJHoop) August 26, 2026

In other words, it sounds like even this modest $8.0 million a year was too rich for the Bulls' blood. And, well, that's a tad surprising! This contract would have easily fit into Chicago's room exception. Also, unlike in a sign-and-trade scenario, it would have come without giving up assets and been on the cap sheet for only two years instead of three years. This lines up rather well with the Bulls' pre-existing cap sheet, which features multiple players with two years on their current deals.

It is worth noting that Mathurin got a player option, which is the opposite of what Graham handed Norman Powell and Zach Collins. Both those veterans agreed to a team option, giving the front office full control of their future. Perhaps this was the primary holdup on getting a deal done.

Still, the Bulls were willing to take on Nic Claxton's much larger deal for each of the next two seasons. With that being the case, it really does put into question how serious Chicago ever was about the idea of adding Mathurin. What were they wanting him to sign? A one-year deal? A two-year deal at an even lower pay rate? With the Pelicans always in the mix, this was never going to happen.

Whether it's a missed opportunity for Graham is something only time will tell. The fit between Mathurin and the Bulls' other youngsters was never perfect. Plus, there is certainly a world where maximizing this kind of flexibility pays dividends. It's only the first offseason for Graham, so let's see how he continues to build this thing out.

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